Texas FHA Loan Benefits & Eligibility Is An FHA Loan Right For You?Texas FHA loans come with low interest rates and a lower minimum down payments. But, there are increased costs in other areas. So, how do you know if this loan is right for you? The PerksInterest rates lower than conventional loansLower down payment requirementsLower minimum credit scoreEntire down payment may be a giftYou may qualify for other government grantsThe DrawbacksThere is an additional fee of 1.75% of your loan amountMortgage insurance must be paid for the life of the loanYou may be eligible for a lower rate if you have good creditYour home must meet certain safety requirementsThere is a county based limit on how much you can borrowTexas FHA Loan Requirements3.5% down payment if credit score is above 58010% down payment if credit score is below 580Loan amount must be within FHA county limitsMust be your primary residenceDebt-to-income ratio must be below 56% An FHA loan can be a great way to finance your dream home. However, not all FHA loans are created equal. Moreover, different lenders have different preferences to qualify you. To find out what you should be eligible for, get a free assessment from one of our mortgage consultants.Why Work With Us?We’re a marketplace, not a lenderA single application will get you top offers from multiple lendersYou’ll get a risk-free assessment before you applyA mortgage consultant will be by your side until your closeOur service is completely free (no points, no fees, no mark-ups!) Our mission is to help make homeownership more accessible. Discover your options, today. OUR LOCATION: 2121 N Pearl Ave #2C, Dallas, TX, 75201, USA NMLS ID: 1635517 Texas Consumer Complaint & Recovery Notice For more information, set up a call with a mortgage consultant.